Jamaica Producers Group Limited (JP) and PanJam Investment Limited (PanJam) have announced the successful completion of the amalgamation process, which was approved by the shareholders of both
companies on December 22 last year.

In a statement, the two Jamaican conglomerates said the amalgamation agreement saw JP transfer its material businesses to PanJam in exchange for JP receiving a 34.5 per cent ownership stake in PanJam.

“The amalgamation creates a formidable player in the Jamaican investor landscape with diverse interests in real estate and infrastructure, specialty food and drink manufacturing, agri-business, financial services and a global services network of interests in hotels and attractions, business process outsourcing, shipping, logistics and port operations, in locations across the world,” the statement read.

With effect from April 1, PanJam has changed its name to Pan Jamaica Group and will hold the combined
businesses. Pan Jamaica Group will have assets of more than J$100 billion and will aim to leverage the strength of both groups of businesses to expand their reach and create new opportunities for growth.

In commenting on the completion of the amalgamation, Jeffrey Hall, who has been appointed
chief executive officer of Pan Jamaica Group, stated: “We are pleased to have completed this transaction which represents an important milestone for both companies.”

Hall’s appointment took effect on April 1.

He added: “By combining our strengths and expertise, we are well-positioned to capitalise on new opportunities and create long term value for our shareholders.”

Joanna Banks, the newly appointed president of Pan Jamaica Group, stated: “The successful amalgamation of JP and PanJam marks a significant milestone in our journey towards creating greater value for our stakeholders and driving sustainable economic growth for Jamaica.”

Banks added: “Together, we are poised to unlock new opportunities, harness collective strengths, and enhance our competitive edge, as we continue to pursue our vision of building a better, brighter future for Jamaica.”

Stephen Facey will serve as chairman of Pan Jamaica Group’s Board, which will include directors from both JP and PanJam. Charles Johnston; Hall, who is also JP’s chairman; and Alan Buckland, JP’s current chief financial officer, have been appointed to the Group’s Board with effect from April 1.